Total amount of Abacha loot US hands over to Nigeria exceeds $334m after latest UK tranche

WASHINGTON will have returned a total of $334.7m of General Sani Abacha's stolen cash to Nigeria once the recent tranche of $23.4m is handed over Mary Leonard who revealed that the US will no longer remain a safe haven for money launders.

Nigeria has reached several agreements to return stolen cash in recent years and in General Abacha's case, he is believed to have siphoned away $5bn of public money between 1993 and 1998 when he was in office. According to Ms Leonard, the cash was in UK accounts but was identified and frozen by US officials.

In the past, the US Justice Department had said that Nigeria must use money repatriated from funds looted by Abacha on agreed public projects or be forced to replace it. As a result, the attorney-general Abubakar Malami said the funds would be used for public works including the Abuja-Kano road, the Lagos-Ibadan Expressway and the second Niger bridge under the supervision of the Nigerian Sovereign Investment Authority.

Ms Leonard added: “The US Department of Justice and the Federal Bureau of Investigation seized these funds in response to General Abacha and his associates’ violation of US laws when they laundered these assets through the US and into accounts in the United Kingdom. These actions were flagrant breach of the Nigerian people’s trust but today is the result of an extensive and high-level corporation between the US, the UK and the Federal Republic of Nigeria to make the Nigerian people whole.

“This agreement is also a kind of collaboration that our government must continue in order to right the wrongs committed under the previous regimes, combined with a $311.7m seized and repatriated with the assistance of the Bailiwick of Jersey and the government of Nigeria in 2020. This repatriation brings to the total amount of funds repatriated in this case by the US to more than $334.7m.

“The US government is keenly aware of the devastating impact corruption has on societies as it erodes trust and the ability of governments to deliver to their citizens. It distorts the economies and access to key services, hinders development, pushes citizens towards extremism and makes countries and their officials susceptible to malicious foreign interference.

“It is in recognition of the role corruption plays in undermining democracy that the US considers the fight against corruption as a core national security interest. US law enforcement will continue to deny safe-heavens for corrupt actors and their assets.

“Our agreement today also serves to reaffirm the important role Nigerian civil society plays in combating corruption. Among other things, it provides for both independent auditor as well as independent civil society organisations monitor within Nigeria to track the expenditure of these recovered funds.

“As a partner, deeply interested in Nigeria’s success, we will continue to do our part to facilitate the recovery and return of the proceeds of corruption to the Nigerian people."